AMAG Pharmaceuticals Tanks After Raymond James Downgrade

by Joel Elconin, Benzinga Staff Writer

January 9, 2017 11:45 AM | 1 min read | Make a Comment

AMAG Pharmaceuticals, Inc.AMAG

shares were seen trading lower by $10.50 at $25.20 in Monday's session. Before the open, the issue company issued FY 2017 sales that surrounded current estimates. Also, the company announced an exclusive licensing agreement with

Palatin Technologies, Inc.PTN

for North American rights to Rekyndatm.

However, that news has been overshadowed by a downgrade at Raymond James. The analysts changed their rating from Market Perform to Underperform. Its $4.00 plus lower opening price of $31.55 has turned out to be the high for the session.

The ensuing decline has taken the issue to $23.90, but it has rebounded back into the $25.00 handle. That low coincides with a pair of lows from November 3 and 4 at $23.80.

Market News and Data brought to you by Benzinga APIs